- Azerbaijan’s Alat Free Economic Zone (AFEZ) is prioritizing Korean investors who bring innovative, export-focused industrial solutions.
- The zone mandates that a minimum of 75% of all goods produced must be exported to enhance global competitiveness.
- Korea’s expertise in electronics, automotive, and pharmaceuticals aligns well with AFEZ’s strategic industrial goals.
Azerbaijan is working to draw South Korean producers to its Alat Free Economic Zone (AFEZ), emphasizing industries that are export-oriented and offer high value addition. During his visit to Seoul, Valeh Alasgarov, Chairman of the AFEZ Board of Directors, emphasized this while conducting a series of meetings to showcase the opportunities and incentives provided by the zone, as reported by Azernews.
In an interview with The Korea Herald, Alasgarov highlighted that Azerbaijan is keen on collaborating with Korean firms engaged in industrial production that meet global standards. “We are ready to consider any proposal, but we will give preference to investors who provide innovative technologies, comply with international standards, and aim for export-driven production,” he remarked.
Alasgarov disclosed that talks took place with key South Korean organizations, such as the Korea Trade and Investment Promotion Agency (KOTRA) and the Korea International Trade Association. These discussions sought to highlight the possibilities of the AFEZ and examine paths for industrial collaboration.
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He emphasized that a minimum of 75% of items produced in the AFEZ need to be exported, a requirement intended to enhance global competitiveness and prevent the creation of small businesses that cater solely to the local market.
The strength of Korea in areas such as mechanical engineering, electronics, automotive manufacturing, and pharmaceuticals closely matches the strategic objectives of the AFEZ, he remarked.
“The AFEZ offers industrial land plots equipped with ready-made infrastructure and engineering communications, enabling investors to launch their projects without delay and at minimal cost,” Alasgarov added.